Protecting Yourself from Rental Scams

As a homeowner or tenant, it’s important to be aware of rental scams. These scams can cost you time, money, and even your home. By knowing what to look for, you can protect yourself from these scams. This blog post will outline the right steps to take to prevent rental scams. Follow these tips and you’ll be safe from scammers! 

There are many different types of rental scams, but they all have one thing in common: the renter ends up losing money. Some common rental scams include:  

The Fake Listing scam

The property listed for rent does not actually exist. They may use fake photos or stolen photos to make the listing look legitimate. They will then collect application fees or deposits from interested renters before disappearing.  

The Bait and Switch scam

A property will be listed for rent at an unbeatable price. When potential renters express interest, the scammer will try to convince them to rent a different property that is more expensive.  

The Deposit Transfer scam

The scammer will either collect a security deposit or first month’s rent from the renter, but then they will fail to transfer the funds to the rightful owner of the property. The renter may not realize they have been scammed until they try to move in and find that someone else is already living there.
 

If you are looking for a place to rent, always deal with landlords in person and never wire money or send prepaid debit cards without first seeing the property in person and signing a lease agreement. If you have any questions or concerns about a rental listing or application, contact Portsmouth Residential for help. By following these tips, you can avoid becoming another victim of rental fraud! 

Homeowners 

If you are a property owner, you understand the importance of having your unit rented. You also understand how important it is to find a qualified tenant. The last thing that you want is to be dealing with rental scams.  

When you have a property management company, they will do the work for you. This includes finding qualified tenants, running background checks, and collecting rent. They will also handle any repair or maintenance issues that come up. Having a property management company takes the stress out of renting your property. You can be confident that your property is in good hands and that you will not have to deal with any rental scams.  

Renters/ Tenants 

When you are looking for a new place to rent, it is important to keep your options open and consider all your choices. One option that may not be on your radar is renting from a property management company. Here are four reasons why you should at least consider this option:  

1. Property management companies have extensive knowledge of the rental market and can help you find the perfect place to live quickly and easily.  

2. They have connections with local landlords and can often get you better deals than if you were to go through traditional channels.  

3. If issues come up during your tenancy, property management companies are there to help resolve them quickly and fairly.  

4. They provide a range of services beyond just finding a property, such as providing access to discounted rates on utilities or organizing maintenance work on the property. Considering these benefits, it is clear that renting from a property management company should be one of your top choices when looking for a new place to live!
 

When you are looking for a new place to rent, it’s important to be aware of the different types of rental scams that are out there. By being informed and following some simple tips, you can avoid becoming a victim yourself. If you are a property owner, make sure to partner with a qualified property management company to take care of all the details for you. This will give renters peace of mind and ensure that your property is taken care of properly. 

If you are looking for a new place to rent in Ontario, be sure to check out Portsmouth Residential! We are a trusted property management company with years of experience helping people find the perfect place to live. We have a large selection of rental properties in a variety of sizes and styles, and we’re always updating our inventory to ensure that we have something for everyone. Contact us today to learn more about our properties and services or browse our website for more information! 

Additional Readings: 

• Rental scam: no room for error. https://www.canada.ca/en/competition-bureau/news/2018/08/rental-scam-no-room-for-error.html  
• Canada is rife with rental scams and they’ve risen 15% since last year : https://dailyhive.com/vancouver/canada-rental-scams-rise